November Mortgage Rates Increase to Just Over 4%

Mortgage Rates

2017 has been an interesting year for mortgage rates, in large part due to the expectation of higher rates as a result of the election. The beginning of the year saw rates much higher than the norm around 4.2%. From January to March, rates increased to hang around 4.25% and then dropped to just above 4% from April to July and then dropped to yearly lows in August and September with rates at 3.87%.

Heading into November, we saw some expected increases, and with the holidays approaching it has continued to rise overall. Rather than being at the 3.8-4.0% that was the national average back in October, rates are back to 4%.

Rates the week of Thanksgiving held steady at the 4% range. Ted Rood, Originator with Mortgage News Daily, says “Seems odd to say the work week is winding down on Tuesday, but that’s how it feels. Bond markets stayed within narrow ranges today, and my rate sheets were virtually identical to Monday’s. Tomorrow promises more of the same, as does Friday. Looks unlikely we’ll see any substantial pricing changes until next week, if then.” If you plan on closing soon, don’t expect any real change. Overall, they are expecting the higher rates to continue through to at least the end of the year.

Federal trends so far this year have been lower than local trends which have stayed around the 4% threshold for the majority of the year. For November, the rates from nearly every bank has risen at least a tenth of a point with some like Regions gaining up to two tenths since October.

Here’s a few local mortgage rates, according to, based on a 30-year fixed rate with a loan of $300,000:

Bank Rate
Community First Bank and Trust 4.160
Regions 4.409
HSBC bank 4.125
Pinnacle Bank 4.153
Fifth Third Bank 4.282